The Norwegian Government Global Retirement Fund lost 374 billion kroner (equivalent to $34 billion) within three months, with its value declining to the equivalent of $1.34 trillion at the end of September.
The fund’s vice president, Trond Grande, said in a statement that “the stock market witnessed a weaker quarter compared to the previous two quarters,” explaining that “the technology and industrial sectors, and the consumption of luxury products in particular, negatively affected returns.”
The Norwegian’s rise also affected the value of the fund.
The fund, which is fueled by revenues from Norwegian state oil and gas companies, aims to finance future spending in the country, which is known for its generous social welfare system.
While more than 70 percent of its funds are invested in stocks, the fund owns shares in more than nine thousand companies and controls, on average, 1.5 percent of the companies listed on stock markets worldwide.
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